,,ii  #aag? ,,congress  #a/ ,session    
,s4 #aiad  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bg1 #bjba,mr4    
,rubio 7= himself & ,mr4 ,casey7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to prohibit ! initial public   
(f]+ ( c]ta9 securities1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,no ,i,p,os = ,unacc\ntable
 ,actors ,act4  #b4 ,no initial public  
(f]+s = unacc\ntable actors  7a7        
,def9itions ,9 ?is section-- 7#a7 ! t]m 
,bo>d means ! ,public ,company ,acc\nt+ 
,ov]sight ,bo>d2  7#b7 ! t]m ,commission
 means ! ,securities & ,ex*ange         
,commission2  7#c7 ! t]m cov]$ entity   
means-- 7,a7 an entity t is headqu>t]$  
91 or o!rwise controll$ by an entity t  
is headqu>t]$ 91 a =eign jurisdiction 9 
:i* ! ,bo>d is prev5t$ f conduct+ an    
inspection or inve/igation ( a regi/]$  
public acc\nt+ firm "u section #ajd ( ! 
,s>banes-,oxley ,act ( #bjjb 7#ae       

,u4,s4,c4 #gbad7 because ( a position   
tak5 by an au?ority 9 t =eign           
jurisdiction1 z det]m9$ by ! ,bo>d2 or  
7,b7 an entity t-- 7i7 is headqu>t]$ 91 
or o!rwise controll$ by an entity t is  
headqu>t]$ 91 a =eign jurisdiction2 &   
7ii7 reta9s a regi/]$ public acc\nt+    
firm describ$ 9 section                 
#ajd7;i77#b77;,a7 ( ! ,s>banes-,oxley   
,act ( #bjjb 7#ae ,u4,s4,c4             
#gbad7;i77#b77;,a772  7#d7 ! t]ms       
ex*ange1 issu]1 & security h ! mean+s   
giv5 ! t]ms 9 section #c7;a7 ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a772 &  7#e7 ! t]m      
national securities ex*ange means an    
ex*ange regi/]$ z a national securities 
ex*ange "u section #f ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;f74  7b7 ,prohibitions reg>d+ cov]$ 
entities ,beg9n+ on ! date t is #a ye>  
aft] ! date ( enactm5t ( ?is ,act-- 7#a7
 ! ,commission %all prohibit ! initial  
li/+ ( ! securities ( a cov]$ entity on 
a national securities ex*ange2  7#b7 if 

! securities ( an issu] are li/$ on a   
national securities ex*ange &1 z a      
result ( a bus9ess comb9ation1 t issu]  
becomes a cov]$ entity1 ! ,commission   
%all prohibit ! national securities     
ex*ange f cont9u+ to li/ ! securities ( 
! issu]2 &  7#c7 a cov]$ entity may n   
regi/] a security ( ! cov]$ entity "u   
section #ab7;b7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghl7b774